Women comprise 50% of flyadeal’s staff as Saudi carrier to double its fleet

Saudi employees of flyadeal take a selfie in front of an aircraft at the King Abdulaziz airport in Jeddah. It now operates six routes to the UAE on a daily basis — with the other five originating from Riyadh. GettyImages
Saudi employees of flyadeal take a selfie in front of an aircraft at the King Abdulaziz airport in Jeddah. It now operates six routes to the UAE on a daily basis — with the other five originating from Riyadh. GettyImages
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Updated 28 November 2021

Women comprise 50% of flyadeal’s staff as Saudi carrier to double its fleet

Women comprise 50% of flyadeal’s staff as Saudi carrier to double its fleet
  • Kingdom’s budget airline vows to promote, nurture local talent

JEDDAH: Saudi Arabia’s budget airline flyadeal aims to nurture and promote local female talent as it's doubling its fleet by end of next year, its chief commercial officer told Arab News.
Ahmed Albrahim said the low-cost airline’s fleet contains 15 A320 narrowbodies, and it will continue to receive more aircraft of the A320 Neo class.
Albrahim expects the fleet to reach up to 30 aircraft by the end of 2022. 
The airline seeks to be the fastest-growing company in the region next year, he said.
He said that around 50 percent of the airlines’ staff are females, if including those are working as cabin crew, and the number will continue to rise.
“We are very proud that we are creating jobs for our young Saudi talents, this year we recruited close to 130 females,” he said.
The airline seeks to empower Saudi women in the aviation industry, he added, saying: “We have the first chief people officer, which is a female, also the first female airport duty manager, and first female pilot.”
The low-cost airline launched its first direct flights from Jeddah to Dubai last week. The new route signaled the company’s first international journey from the airport.
a subsidiary of Saudia, flyadeal now operates five routes to the UAE - with the other four originating from Riyadh.

The aviation industry was worst hit by the coronavirus disease (COVID-19) pandemic. 
In a report recently issued by the International Air Transport Association, total airline industry losses from 2020 to 2022 are expected to reach $201 billion despite a post-pandemic improvement.
Net losses are expected to come in at $11.6 billion in 2022 after a $51.8 billion loss in 2021, IATA said in its latest outlook for airline industry financial performance, showing improved results amid the continuing COVID-19 crisis.
Demand is expected to stand at 40 percent of 2019 levels for 2021, rising to 61 percent in 2022.
Albrahim admitted that the last two years had been bad for the industry. Likening it to the 2008 global financial crisis, he said during that time “people lost their spending power.”
“Back in 2008 when the world witnessed the financial crisis, people lost their spending power,” he said, It was a very tough time for everybody including airlines.
However, he added, the COVID-19 has changed people’s behaviors due to social distancing measures and airlines have to work out different strategies to ensure a smooth recovery. Albrahim said people now want all operations carried out electronically or “touchless.”  
Albrahim said this is putting pressure on all airlines. However, the airline official expressed optimism that the industry will recover and the flyadeal will grow from a “lean startup” into a key aviation player.
“We were able to recover a lot because we are domestic airlines, and because we are one of the very few airlines in the region that follows the low-cost carrier,” Albrahim said.


Deutsche Bank expected to break profit run in fourth quarter

Deutsche Bank expected to break profit run in fourth quarter
Image: Shutterstock
Updated 10 sec ago

Deutsche Bank expected to break profit run in fourth quarter

Deutsche Bank expected to break profit run in fourth quarter
  • That compares with a profit of 51 million euros a year earlier

Deutsche Bank is expected to swing to a net loss when it reports fourth-quarter earnings on Thursday amid a slowdown in revenue at its investment bank, based on analysts’ consensus estimates.


A loss would be a setback for Germany’s largest bank after reporting five consecutive quarters of profit through the third quarter, its longest streak in the black since 2012.


But the loss is expected to be a blip in the bank’s recent profit run rather than a sign of something more serious.

Analysts are forecasting full-year net profits for 2022 and 2023, based on the consensus forecast published last week by the bank.


Deutsche’s return to profit in the past few quarters has shown how a 9 billion euro overhaul by CEO Christian Sewing, begun in 2019, is paying off.

Sewing has got the bank back into profit after a string of regulatory failings and billions in losses logged over the previous decade.


Part of Deutsche’s overhaul involved reducing dependence on the investment bank’s more volatile income.

But in the past few quarters the division has been the bank’s biggest revenue earner, generating around 40 percent of the bank’s turnover by benefiting from a pandemic trading boom, as well as dealmaking fees.


The investment bank has become a fairly stable business, said Andreas Thomae, a portfolio manager at Deka, an investor in the German bank.


“Most importantly,” Deutsche has “won back customers in Germany and Europe who were a little skeptical before,” he said.


For the fourth-quarter, the bank is expected to report a net loss attributable to shareholders of around 130 million euros ($147.20 million), based on analysts’ estimates.

That compares with a profit of 51 million euros a year earlier.


Revenues for the bank as a whole as well as for its investment bank are forecast to have slipped around 4 percent from a year earlier.


Some of the big US banks’ fourth-quarter results have disappointed investors partly because of ballooning expenses, hurting profit growth.


UBS analysts said costs would be a focus for Deutsche’s fourth-quarter earnings, noting that the bank has said it wants to “clear the decks of transformation charges and other costs” this year.


2022 is a crucial year for Deutsche as it marks the deadline for the bank to meet targets set out in 2019, such as return on tangible equity.

In March, Deutsche will announce a strategy review and new targets for the years ahead. 


EU plan to label gas and nuclear as green could mislead investors, advisers say

EU plan to label gas and nuclear as green could mislead investors, advisers say
Image: Shutterstock
Updated 24 min 16 sec ago

EU plan to label gas and nuclear as green could mislead investors, advisers say

EU plan to label gas and nuclear as green could mislead investors, advisers say
  • The EU taxonomy would not ban investments in assets that lack a green label

The European Union's draft plan to label gas and nuclear plants as green investments risks causing confusion and misstated financial disclosures, expert advisers to the bloc said amid criticism of the proposal from some lawmakers and nations.


In feedback due to be published on Monday, the experts urged EU authorities to rewrite the draft rules, which they said would label gas plants with relatively high CO2 emissions as sustainable, as well as new nuclear plants launched too late to help meet the bloc's 2050 climate target.


The specialist advisers, whose views were reported in a leaked draft on Friday, said the proposal would make it hard for investors to assess which investments are truly climate-friendly — the question that the EU's "sustainable finance taxonomy" was designed to provide a clear answer on.


"The implication is the market will not be able to interpret what investments are truly aligned with the climate goals and which ones are not," Nathan Fabian, chair of the expert advisory panel, told Reuters. "It would lead to misstatements in financial disclosures."


"You'd see claims in financial products that your money is being invested in a sustainable way — but it's in a gas plant that's got above the European average emissions level," he added.


If the European Commission went ahead with the draft rules, the advisers said it should require companies and financial product issuers to single out gas and nuclear in their financial disclosures, rather than grouping them together with other green investments like electric cars or wind energy.


Tougher disclosures would be needed to avoid "greenwashing", the feedback said.


The EU taxonomy would not ban investments in assets that lack a green label.

But by badging climate-friendly investments as green, it aims to make them more attractive to investors.


EU countries and lawmakers disagree on whether gas and nuclear deserve a green badge. Germany rejected including nuclear in a letter to the EU, while four other states publicly opposed the Commission proposal last week.


Meanwhile, groups representing more than 200 of the European Parliament's 700 lawmakers sent letters to the Commission raising concerns.

Some are opposed to labelling gas and nuclear as sustainable, some are seeking rules to include more gas plants, and others are calling for a public consultation on the rules.


The Commission must now publish a final proposal for the rules. A majority of European Parliament lawmakers or a super-majority of EU countries — 20 of the 27 member states — could veto them.


Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn
Updated 32 min 22 sec ago

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices and a healthier market prompted global upstream merger and acquisition deals to reach a three-year high of $181 billion in 2021, according to an independent energy research company.

Value of deals rebounded, returning to pre-pandemic levels, but were slightly below 2017 and 2018 levels of $205 billion and $199 billion respectively, Rystad Energy said.

The value of deals over $1 billion reached $126 billion, or 70 percent of the global total. The share of these almost tripled, with 2021 marking 35 such deals as compared to only 13 in the previous year. Out of these 35 deals, 13 were company acquisitions with a value of around $65 billion.

Two Australia-related mergers made up $22 billion of the total. One was between Santos and Oil Search and the other was between Woodside Petroleum and BHP. The remaining over-$1 billion deals were mainly focused on North American assets.

Gas made up 56 percent of all traded resources, up from 43 percent in 2020, while oil and natural gas liquids had shares of 31 percent and 9 percent, respectively. The shift in deal composition in 2021 was attributed to the North American acquisitions and was also helped by deal activity in other regions.

“With a strong potential deal pipeline, continuous pressure on companies to transform amid a global push to lower carbon emissions while simultaneously delivering profitable oil and gas production, and an average oil price of above $60 per barrel expected for 2022, the upstream M&A market is likely to stay active for the foreseeable future,” Ilka Haarmann, senior analyst at Rystad Energy, said.


Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February
Image: Shutterstock
Updated 42 min 20 sec ago

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

RIYADH: Egypt's Ghazl El Mahalla will become the first football club to list on the Egyptian Exchange, known as EGX, in early February 2022, Almal reported citing the company’s head. 

Ghazl El Mahall is currently owned by the Egyptian El Mahalla Spinning and Weaving Co, and Ali Al-Abbasi said the listing of the company would take the burden of football off the firm.

The football club is offering over 60 percent of its capital and will raise around 135 million Egyptian pounds ($8.6 million).

The club will release the prospectus for its initial public offering on the Egyptian stock exchange before the end of January. 

It will become the first club to establish an independent joint stock company in Egypt, in accordance with the new sports law, he noted. 

Egypt’s new sports law was issued as part of the ministry of youth affairs and sports’ efforts to motivate investors, attract investments, and encourage clubs and sports bodies to establish companies.

Ghazl El Mahalla is one of Egypt's biggest clubs, but has not won the country's premier league since 1973.

 


Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts
Updated 44 min 7 sec ago

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion ($320 million) partial acquisition of Dubai-based ETG Inputs Holdco Ltd.

The homegrown fertilizer producer is to takeover 49 percent of ETG Inputs Holdco’s share capital, it said in a bourse statement.

This comes as part of the company’s strategy to strengthen its presence in global markets and move closer to its customers.

SABIC Agri-Nutrients noted that the transaction is subject to regulatory approvals and other terms and conditions.

The financial impact of the acquisition is expected to roll out on the company’s financial statements during the second half of the ongoing fiscal year, it added.

ETG Inputs Holdco specializes in the field of blending and distributing fertilizers and seeds. It directly sells to farmers and end customers across several countries in Africa.